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CDFA Revolving Loan Fund Finance Update - November 8, 2022

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Revolving Loan Funds Update
November 8, 2022
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Revolving Loan Fund Finance Update

Features

Join Us Next Month for CDFA's Intro to Brownfields Finance Course
Brownfields pose health, safety, and economic threats to communities because of lingering legal, regulatory, or site control challenges on top of the underlying environmental hurdles causing roadblocks for development. This comprehensive training curriculum helps economic developers, policymakers, and real estate professionals understand and master the financing strategies for the lifecycle of a brownfield property. Register today to attend!

Growth Loan Fund Provides Funding for Early-Stage Businesses in Minnesota
The Minnesota Department of Employment and Economic Development (DEED) launched the Growth Loan Fund as part of the recently announced $97 million through the State Small Business Credit Initiative (SSBCI) from the U.S. Department of the Treasury. This new program provides direct loans from DEED to technologically innovative seed and early-stage businesses.

Cleveland, OH Introduces $15M in New ‘Housing for All' Requests
Cleveland, OH Mayor Justin Bibb wants to spend $15 million of American Rescue Plan Act funds on proposals aimed at improving housing throughout the city. One proposal would establish a $10 million fund to help homeowners and landlords pay for improvements on their homes, the other proposal would spend an additional $5 million to create a revolving loan fund to repair 100 vacant and abandoned homes.

Lendistry Closes $85M Senior Debt Offering in One of the Largest Institutionally-Led Capital Raises by a CDFI in 2022
The investor consortium included 25 banks, insurance companies and ESG-focused institutions. This innovative structure provides attractive financing for Lendistry. Proceeds will support underserved small business lending initiatives across America.

Colorado Startup Loan Fund Introduces New Financing Options to Help Small Businesses
The Colorado Startup Loan Fund at the Office of Economic Development and International Trade (OEDIT) is introducing new financing options for small business owners looking to start, restart, or restructure a business. The Fund will focus on serving business owners who have historically encountered barriers to bank financing so they can start and grow the types of thriving businesses that make up the heart of the Colorado economy and communities.

$143M in Federal Infrastructure Funds to be Used for Water Projects Across Wisconsin
Governor Tony Evers announced $143 million in federal funds to improve wastewater and drinking water infrastructure across the state. The funds come from the federal Bipartisan Infrastructure Law and will provide $800 million over five years to the State Revolving Loan Fund, which is composed of the Clean Water and Safe Drinking Water loan programs.

JEDCO Awarded $1.5M for JEDgrow Program
The Jefferson Parish Economic Development Commission (JEDCO) received a $1.5 million CARES Act Recovery Assistance Grant from the EDA to provide critical gap financing that will help small Jefferson Parish businesses grow, thrive, and create new employment opportunities. The funds are available for small business loans through the JEDCO Growth (JEDgrow) Fund.

$40M Investment to Bring More Than 600 Jobs to Eastern Kentucky
Several Eastern Kentucky communities received more than $9.9 million in Appalachian Regional Commission (ARC) Partnerships for Opportunity and Workforce and Economic Revitalization (POWER) funds to support 11 projects. The projects will create more than 600 jobs and will generate up to a $40 million investment.

USDA Invests $658K in West Virginia Organizations Supporting Rural Businesses and Communities
U.S. Department of Agriculture (USDA) West Virginia Director Ryan Thorn announced that 11 organizations will receive grants totaling $658,900 for economic and community development projects. This includes $50,000 to establish a revolving loan fund to support small businesses to fund their operating expenses or to provide capital improvements that will lead to growth and expansion.

Upcoming Events
CDFA Infrastructure Finance Learning Series: How Different Communities Can Benefit From IIJA

CDFA // BNY Mellon Development Finance Webcast Series: Funding Childcare Facilities
Tuesday, November 15, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA// BNY Mellon Development Finance Webcast Series, presenters will look across the development finance spectrum for ways to invest in childcare facilities with tools like bonds, RLFs, tax credits, and more. Experts will also highlight various case studies that have successfully utilized these tools.

CDFA-Bricker Webinar Series: PACE and Traditional Lending Institutions
Tuesday, November 22, 2022 - 2:00 PM - 4:00 PM Eastern
Since the origins of PACE financing in the early 2010s, PACE lenders have been primarily non-traditional lending institutions. However, with the explosive growth of PACE across the country, the traditional lending world has begun to enter the PACE market. In this session, attendees will get an overview of the PACE lending history and the influx of traditional lending institutions across the country.

Headlines

Low Interest Loan Program for Local Small Businesses Started Using COVID Relief Funds
The Progressive News | Nov. 3 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs)

New Downtown Dover, DE Program Helps Merchants 'Reap' Rewards
Bay to Bay | Nov. 1 | Access to Capital | Economic Development | Revolving Loan Funds (RLFs)

$226M Passed Through Economic Development Company of Lancaster County, PA to 100+ Businesses
Lancaster Online | Nov. 1 | Access to Capital | Agriculture Finance | Food Systems Finance | Revolving Loan Funds (RLFs)

The DOJ's Fight Against Redlining Continues
National Law Review | Oct. 27 | Access to Capital | Community Development | Economic Development | Housing Finance | Revolving Loan Funds (RLFs) | Social Finance

Black Business Investment Fund Inc. Receives $2M for Small Businesses Across Central Florida
PR Newswire | Oct. 27 | Access to Capital | Community Development | Economic Development | Member News | Revolving Loan Funds (RLFs) | Social Finance

No-Interest Microloans: Philanthropist's New Tool in Preventing Homelessness
Los Angeles Times | Oct. 22 | Access to Capital | Community Development | Housing Finance | Revolving Loan Funds (RLFs) | Social Finance

EPA Opens Civil Rights Probe Into Mississippi's Role in Water System
Meridian Star | Oct. 21 | Access to Capital | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance

Greater Commercial Lending Completes $50M for High-Tech Berry Farm in Kentucky
PR Newswire | Oct. 20 | Access to Capital | Agriculture Finance | Community Development | Federal | Green Finance | Rural Development | U.S. Dept. of Agriculture (USDA) | U.S. Small Business Administration (SBA)

Lancaster, PA Revolving Water Fund to Improve Water Quality and Carbon Sequestration
Digital Journal | Oct. 20 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | Resiliency

Atlanta, GA Outlines Efforts to Redevelop Brownfield Sites With EPA Funds
The Atlanta Journal-Constitution | Oct. 19 | Brownfield Financing | Community Development | Federal | Redevelopment | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Urban Development

Record Interest in Rural Housing Development in Kansas
KRSL | Oct. 17 | Housing Finance | Legislative | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits

Kent County, MI Officials Rank Over 300 Proposals Seeking $127M in Federal ARPA Funds
MiBiz | Oct. 17 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs)

ARC Announces Awards for 52 Projects in 9 States Worth $47M
Kentucky Today | Oct. 17 | Access to Capital | Revolving Loan Funds (RLFs) | Rural Development

Kentucky Agricultural Finance Corporation Approves More Than $1M in Loans
The Lane Report | Oct. 14 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | State Finance Program

Farmers See Value in Agriculture Loans that Reward Stewardship
Environmental Defense Fund | Oct. 14 | Access to Capital | Agriculture Finance | Revolving Loan Funds (RLFs) | Resiliency



The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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CDFA National Sponsors

  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • PGAV Planners, LLC
  • Raza Development Fund
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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